Ann: Beacon Acquires Interest in the Lady Ida Gold Project, page-139

we are in uptrend Nevil gold is setting higher highs and higher lows.. it has even set an all time high in all currencies in recent weeks.. so firstly, i reject your claim that gold is not in a bull market and secondly i did not oppose hedging in principle.. i have no problem with hedging if costs are also hedged, because the purpose is to guarantee a given level of profitability.
when we are in an inflationary environment and we cap our sales price, we are exposing ourselves to profit erosion through inflation in cost of sales while locking ourselves out of the inflation in our selling price.

i dont see why this is so hard for people to grasp..

as for claiming G McG is relying on advice.. seriously? a child of 3 could see that was not just bad advice, but seriously flawed advice, and i think its a bit disingenuous of him to thow that line of protecting profits to his shareholders.. he doesnt put a foot wrong very often.. but that was just treating shareholders as dummies to expect us swallow that line.. but here we are.. some people actually swallowed it